Ms. Joyce Wagenaar reports

WEST FRASER DECLARES DIVIDEND AND ANNOUNCES APPOINTMENT TO BOARD OF DIRECTORS

West Fraser Timber Co. Ltd. has declared a quarterly dividend of 30 U.S. cents per share on the common shares and Class B Common shares in the capital of the company, payable on Jan. 15, 2024, to shareholders of record on Dec. 29, 2023.

Dividends are designated to be eligible dividends pursuant to Subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.

Dividends are declared and payable in United States dollars. Shareholders may elect to receive their dividends in Canadian dollars.

Further, as previously announced, Sean McLaren will succeed Ray Ferris as president and chief executive officer following Mr. Ferris's retirement at the end of the year. The board of directors has appointed Mr. McLaren to join the board of directors effective Jan. 1, 2024, in place of Mr. Ferris.

About West Fraser Timber Co. Ltd.

West Fraser is a diversified wood product company with more than 60 facilities in Canada, the United States, the United Kingdom and Europe. From responsibly sourced and sustainably managed forest resources, the company produces lumber, engineered wood products (OSB, LVL, MDF, plywood and particleboard), pulp, newsprint, wood chips, other residuals and renewable energy. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers, tissue, and box materials.